This week we spoke at the Thomson Reuters Risk and Compliance Summit about the introduction of Artificial Intelligence to Compliance and Risk management.
From the plenary and break out sessions, it became quite obvious and pleasing to see that the industry is moving slowly but surely away from checklist and reactionary compliance activity towards a culture of constructive and pro-active strategy that takes a holistic approach across all regulatory impact across business activities.
In our opinion this means engaging your compliance needs as you would a jigsaw puzzle; organising your strategies around the full picture The FCA paints in its principles and risk based framework.
What does this mean in practice?
Firstly a Code of Conduct to encourage a culture for compliance and governance is crucial, this needs to cover The FCA theme for firm and individual accountability. Firms that have started this process enjoy:
With key regulations just in and more coming through, it is important that firm’s now build a ‘balanced scorecard’ against all the issues at play, so they can benchmark performance against the rules plus gain prescriptive guidance and steers to know what to do next and where to look for resources and strategies that will help them move forward in a functional manner and with confidence.
Model Office’s 5 key metrics are one way this can be done easily and digitally so firms can gain real-time data on their current position against the regulatory framework but also gain strategy and steers to improve performance and their knowledge on FCA requirements. MO® the digital compliance chat bot is also now available to answer questions, queries, plus she’ll conduct a full regulatory review of the business to give you the peace of mind that you are on track across:
Please click the below icon link to MO's platform and learn more about MO today..